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01Auto-sync new filings

Workbooks always up to date

02Private companies

One unified comp screener

03Private equity

LBO research, comps and custom feeds

04Due diligence

EBITDA, proof of cash, tax to book

05M&A advisory

Defensible EBITDA, stunning CIMs

Supercharging financial analysisStreamlining due diligence

Market Intelligence

SEC filings, private data rooms and the diligence behind a CIM, extracted into the spreadsheet you already keep.

Auto-sync new SEC filings into your existing analysis

Robinhood Markets, Inc. Β· Its Q3 2026 earnings release becomes the next quarter in your spreadsheet, with your existing data and formulas in place.

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Your existing data

Robinhood Β· quarterly model$ in millions, except per share
Financial metricQ1 2026Q2 2026
Total net revenues1,0671,308
Total operating expenses656734
Income before income taxes411709
Provision for income taxes65136
Net income346573
Net margin32.4%43.8%
Diluted EPS0.380.62
Adjusted EBITDA534741
Adjusted EBITDA margin50.0%56.7%
Q1 + Q2 preserved

Reported figures come from the earnings release. Net margin and adjusted EBITDA margin follow your formulas.

Your Q1 and Q2 data is already in place.

Add private companies from past deals to your comp set

Same extraction and the same EBITDA definition for private audited statements, so a private company sits in your comps beside the public peers

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Comparable companies

Collection Β· 5 companies
Keswick Controls added from its data room Β· 5 peers in the comps (4 public, 1 private) Β· median recomputed
$ in millions Β· FY2025RevenueEBITDAMarginNet debt / EBITDA
Alder Materials4,120.6741.718.0%1.50x
Brightline Components2,865.3458.416.0%2.00x
Castellan Industries6,540.91,308.220.0%1.25x
Dunmore Fabrication1,972.4276.114.0%2.50x
Keswick Controls (private)1,410.2246.817.5%0.90x
Peer median5 peers2,865.3458.417.5%1.50x
Northwind Industrial (target)2,196.8331.915.1%2.16x

EBITDA margin Β· your private company extractions are comped against your collection

0%5%10%15%20%25%18.0%Alder16.0%Brightline20.0%Castellan14.0%Dunmore17.5%Keswick15.1%Northwind

EBITDA due diligence

Cobalt Ridge Packaging, Inc. Β· FY2025 Β· From extracted financial statements to the highest defensible EBITDA for the CIM.

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Reported EBITDA to CIM adjusted EBITDA

FY2025 Β· $ in thousands
02k4k6k3,580Reported+850Ownercomp.Partial+560ClosurePartial0SoftwareExcluded+260Asset lossAddedβˆ’180Sale gainDeducted5,070CIM

Building the CIM figure

$ in thousands

Reported EBITDA

3,580

Calculated from extracted income and cash flow statements

Proposed add-backs

2,820 proposed Β· 1,410 supported
Owner compensation
Partial+850
  • The extracted FY2025 P&L reports 1,300 of owner compensation.
  • Your advisor enters a 450 replacement salary assumption, leaving an 850 add-back.

Source Β· FY2025 detailed P&L Β· owner compensation

Plant closure
Partial+560
  • The extracted FY2025 P&L separates 560 of plant closure costs from 320 of repairs.
  • Your advisor includes the closure costs and leaves recurring repairs in expenses.

Source Β· FY2025 detailed P&L Β· plant closure and repairs

Software subscriptions
Excluded0
  • The extracted FY2024 and FY2025 P&Ls both report software subscription expense.
  • Your advisor excludes the proposed 640 add-back because the expense continues.

Source Β· FY2024 and FY2025 P&Ls Β· software subscriptions

Identified for the CIM

+80 net
Asset impairment
Added+260
  • The extracted FY2025 P&L separately reports a 260 impairment charge.
  • Your advisor includes it after checking it has not already been added back in EBITDA.

Source Β· FY2025 P&L Β· impairment charge

Equipment sale gain
Deductedβˆ’180
  • The extracted FY2025 P&L includes a 180 gain on the sale of equipment.
  • Your advisor removes the gain so the CIM reflects earnings from ongoing operations.

Source Β· FY2025 P&L Β· gain on sale of equipment

CIM adjusted EBITDA

5,070

1,490 above reported EBITDA Β· supported by the evidence

Credit Intelligence

Tax-to-book reconciliation from SMB to Fortune 500

When you upload tax returns, our system gives you both the tax data and the book-reconciled data. This includes a full GAAP-style income statement, cash flow statement, balance sheet and equity roll-forward.

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Pinecrest Millwork, Inc.

Form 1120-S Β· tax year 2025 Β· cash flow statement per books Β· $
Form 1120-S
Net income (loss) per booksSchedule M-1, line 1to Net income440,500
DepreciationLine 14to Depreciation96,400
Beginning of yearEnd of year
Trade notes and accounts receivableSchedule L, line 2ato Change in receivables and inventory338,600372,900
InventoriesSchedule L, line 3to Change in receivables and inventory296,400311,800
Other current assetsSchedule L, line 6to Change in payables, accruals and other24,80022,100
Accounts payableSchedule L, line 16to Change in payables, accruals and other214,700231,400
Other current liabilitiesSchedule L, line 18to Change in payables, accruals and other100,100113,200
Ξ” Gross PP&E per Schedule LSchedule L, line 10a, col. (c) (EOY) βˆ’ line 10a, col. (a) (BOY)to Purchases of Property, Plant, Software, and Equipment2,014,9002,157,500
Mortgages, notes, bonds payable in less than 1 yearSchedule L, line 17to Repayments of long-term debt112,400118,900
Mortgages, notes, bonds payable in 1 year or moreSchedule L, line 20to Repayments of long-term debt596,800477,900
DistributionsSchedule K, line 16dto Shareholder distributions236,000
Beginning of yearEnd of year
CashSchedule L, line 1to Cash, beginning of year and Cash, end of year212,300241,000
Cash flow statementFY2025
Operating activities
Net income440,500
Depreciation96,400
Change in receivables and inventory(49,700)
Change in payables, accruals and other32,500
Cash from operations519,700
Investing activities
Purchases of Property, Plant, Software, and Equipment(142,600)
Financing activities
Repayments of long-term debt(112,400)
Shareholder distributions(236,000)
Net change in cash28,700
Cash, beginning of year212,300
Cash, end of year241,000

Personal cash flow from the tax return, PFS and debt schedule

Read the income from the return, the payments from the debt schedule and the net worth from the personal financial statement, and see what is left after taxes, living expenses and debt service.

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Tax return2025
Wages168,000
Interest and dividends4,200
Ridgeline Consulting LLC distributions48,000
Maple Court Rentals LLC net rents25,800
Cash income246,000
Income taxes(52,700)
Cash income after taxes193,300
Debt scheduleBalanceDebt service
Residence mortgage412,50034,080
Auto loan18,9007,380
Student loans22,3004,920
Credit cards6,4003,720
Total460,10050,100
Personal financial statementSeptember 2026
Cash and marketable securities210,700
Retirement accounts318,900
Residence640,000
Business and rental interests685,000
Vehicles and other31,000
Total assets1,885,600
Total liabilities(460,100)
Net worth1,425,500
Cash income after taxesLiving expensesAvailable for debt serviceDebt serviceCash after debt servicePersonal DSCR
Personal cash flow Β· 2025193,300(71,900)121,400(50,100)71,3002.42x

Underwrite Real Estate Income

Scales from a single rental property to a fully audited REIT

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Net operating income (NOI)FY2024FY2025
Net income594,60093,200
Add back: income tax expense158,00024,800
Add back: mortgage interest expense1,762,4001,738,900
Add back: depreciation & amortization1,246,3001,284,600
Net operating income3,761,3003,141,500
Due diligence adjusted NOIFY2024FY2025
Net operating income3,761,3003,141,500
Add back: Casualty loss, non-recurringβ€”386,500
Add back: Impairment, non-cashβ€”420,000
Adjusted NOI3,761,3003,948,000

Net income to adjusted NOI Β· FY2025

01M2M3M4M5M93.2kNet income24.8kIncome taxes1.7MMortgage interest1.3MD&A3.1MNOI386.5kHurricane repairs420kImpairment3.9MAdjusted NOI
Net income FY2025
93,200
↓from 594,600
Adjusted NOI
3,948,000
↑5.0% over FY2024
Adjustments
  • Hurricane repairs386,500
  • Impairment420,000

Financial analysis with an audit trail

Colleagues reading a document together as they cross a sunlit office plaza

β€œSpreadSpace’s source tracing changed how I review financial analysis. Every figure in a quality-of-earnings bridge, a market comp set, or a debt service coverage analysis opens to the exact line it came from on the source document. Tie-outs that used to take hours now take a click. If I can trace it, I can trust it.”

Joseph A. Carello, CPAController Β· Former financial auditor Β· 28 years as a CPA
See our source tracing guide

Run it on your own documents.

Start with a filing, a tax return or a data room. Every figure opens to its source.

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